Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable

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1 Research Update: Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable Primary Credit Analyst: Jeff Pusey, San Francisco (1) ; Secondary Contact: John Iten, New York (1) ; Table Of Contents Overview Rating Action Rationale Outlook Related Criteria And Research Ratings List JANUARY 20,

2 Research Update: Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable Overview FM Global has a very strong business risk profile, strong financial risk profile, and extremely strong capital and earnings. We have assigned 'A+' financial strength and counterparty credit ratings to Factory Mutual Insurance Co. and its core subsidiaries. The stable outlook reflects our view that FM Global will maintain its very strong competitive position underscored by extremely strong capital adequacy. Rating Action On Jan. 20, 2015, Standard & Poor's Rating Services assigned its 'A+' long-term counterparty credit and financial strength ratings to Factory Mutual Insurance Co. (FMIC), Affiliated FM Insurance Co., and F.M. Insurance Co. Ltd. (collectively, FM Global). At the same time, we removed our 'BBBpi' financial strength ratings on these entities. The outlook is stable. Rationale The ratings reflect our view of the company's very strong business risk profile and strong financial risk profile, based on the company's market-leading competitive position in the large commercial property segment and extremely strong capital and earnings. This assessment leads to possible anchors of either 'aa-' or 'a+'. We assigned the latter because, in our view, the business risk profile is on the lower end of the very strong assessment due to the company's narrow focus on commercial property. Overall, FM Global's insurance industry and country risk is intermediate, reflecting low country risk and moderate industry risk for its globally diverse insurance operations. Its risk exposures are globally diversified and mostly in developed markets that typically have low risks, including a stable political environment, financial system, payment culture, and rule of law. We believe FM Global's property/casualty operations are exposed to intermediate industry risks because of their inherent product risk and consequent susceptibility to reserve volatility. But the stability of the U.S. and Western European insurance markets' profitability, growth prospects, and overall institutional framework mitigates this weakness. FM Global's competitive position is very strong, in our opinion, based on its positive reputation, significant market presence, and overall positive JANUARY 20,

3 Research Update: Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable operating results. FM Global's highly regarded reputation for using its engineering expertise to assess client risks to help prevent and mitigate loss gives it a significant commercial advantage over competitors. According to some industry surveys, FM Global is the leading provider of large commercial property coverage in the world. FM Global reported relatively strong five-year ( ) operating results, as evidenced by an average combined ratio of 86%, which is partly supported by its moderate use of reinsurance. Partially offsetting these positive attributes is the company's relatively narrow focus on commercial property products. We view FM Global's capital adequacy as extremely strong a ratings strength. We expect this to continue in our base-case economic forecast despite the highly competitive pricing environment in the commercial property market, as the company's competitive advantage supports continued high retention of current policyholders and moderate new business growth. FM Global's strong earnings support its capital redundancy at the 'AAA' level. The company generated a five-year average return on revenues (ROR) of 19% and a loss ratio of 61% in For the first nine months of 2014 FMIC's statutory combined ratio was 80% while its ROR was 42%. Although the company has generated strong long-term earnings, it is susceptible to earnings volatility as evidenced by its 120% combined ratio in 2011 due to underwriting losses predominantly associated with earthquakes in New Zealand and floods in Thailand. Assuming a normalized level of catastrophes, we expect the company to generate a combined ratio of 90%-95%, which offsets continued low investment yields and supports extremely strong capital adequacy. In our view, FM Global's risk position is high because of its exposure to man-made and natural disasters, its material equity portfolio, and legacy asbestos and environmental exposure. The company has relatively high exposure to catastrophic events because of its commercial property business concentration. As of year-end 2013, the company's investment portfolio consisted of approximately 52% equity investments, which exposes it to additional capital and earnings volatility. We regard FM Global's financial flexibility as adequate because it has no debt and adequate sources of capital and liquidity. The company does not have a credit facility, but consistently maintains material levels of cash and short-term investments and access to large, highly rated reinsurers. We regard FM Global's enterprise risk management (ERM) framework as adequate because it can identify, measure, and manage most key risk exposures and losses. The cornerstone of its ERM program is the company's positive risk-management culture. FM Global employees are predominantly engineers with substantial technical expertise who work as underwriters and claims adjusters, which fosters a well-ingrained risk-reward culture. FM Global believes all losses are preventable and it works diligently with its insureds to help foster best-in-class loss-prevention plans. We consider FM Global's management and governance to be satisfactory. Senior management has continually maintained a strategy of providing significant JANUARY 20,

4 Research Update: Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable competitive property insurance capacity and offers best-in-class products and services that keep pace with policyholder/owner needs. The management team has significant depth and breadth due to its tendency to promote from within the company, which was recently evidenced by Thomas Lawson's promotion to President and CEO after Chairman Shivan Subramaniam retired at the end of We regard FM Global's liquidity as strong. We do not expect the company to face any liquidity constraints from meeting its obligations in the next two years because of its strong operating cash flows. Outlook The stable outlook reflects FM Global's very strong competitive position supported by its highly regarded reputation for assessing risk to help prevent and mitigate loss, and its notable market presence in the large commercial property segments. Its extremely strong capital adequacy and strong operating results are also key, as they enable FM Global to absorb catastrophe losses and financial market volatility. Downside scenario We may lower the ratings if, during the next two years, capital adequacy or redundancy as measured by our proprietary capital model falls below the 'AAA' confidence level for a prolonged period. We may also lower our rating if the group's competitive position weakens. Upside scenario It is unlikely that we will raise the ratings on FM Global in the next two years because of its exposure to earnings and capital volatility given its high equity concentration and narrow focus on commercial property business. Related Criteria And Research Group Rating Methodology, Nov. 19, 2013 Insurers: Rating Methodology, May 7, 2013 Enterprise Risk Management, May 7, 2013 Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers, May 7, 2013 Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010 Use Of CreditWatch And Outlooks, Sept. 14, 2009 Hybrid Capital Handbook: September 2008 Edition, Sept. 15, JANUARY 20,

5 Research Update: Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable Ratings List Upgraded; Outlook Action To From Factory Mutual Insurance Co. (Unsolicited Ratings) F.M. Insurance Co. Ltd. (Unsolicited Ratings) Affiliated FM Insurance Co. (Unsolicited Ratings) Counterparty Credit Rating Local Currency A+/Stable/-- BBBpi/--/-- Financial Strength Rating Local Currency A+/Stable/-- BBBpi/--/-- This unsolicited rating(s) was initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer. Standard & Poor's has used information from sources believed to be reliable based on standards established in our Credit Ratings Information and Data Policy but does not guarantee the accuracy, adequacy, or completeness of any information used. Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. JANUARY 20,

6 Copyright 2015 Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at JANUARY 20,

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